TVN announces buy-back, records low results

Broadcaster TVN announced on Thursday that it would spend up to PLN 150 million on a share buy-back. The company plans to buy up to 7.5 million own shares, standing for no more than 2.14 percent. The price was set at PLN 20 per share. In June 2014 TVN completed a PLN 100 million buy-back program. It purchased 5 million shares. The company announced its third quarter financial results on Thursday. Consolidated net profit was PLN 17.2 compared to an expected PLN 22.9 million. TVN’s sales revenue in Q3 2014 stood at PLN 328.5 million and was in line with market consensus.